OBT vs. BMI

Last updated Jun 3, 2026

OBT (Orange County Bancorp, Inc.) and BMI (Badger Meter, Inc.) are both stocks. OBT operates in Banks - Regional (Financial Services), while BMI operates in Electrical Equipment & Parts (Industrials). Over the past 10 years, OBT returned 14.35%/yr vs 13.98%/yr for BMI. At a 0.09 correlation, their price movements are largely independent.

Performance

OBT vs. BMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Orange County Bancorp, Inc. (OBT) and Badger Meter, Inc. (BMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OBT achieves a 21.01% return, which is significantly higher than BMI's -27.54% return. Both investments have delivered pretty close results over the past 10 years, with OBT having a 14.35% annualized return and BMI not far behind at 13.98%.

OBT

• 1D: 1.75%
• 1M: 0.76%
• YTD: 21.01%
• 6M: 28.85%
• 1Y: 41.08%
• 3Y*: 31.36%
• 5Y*: 17.94%
• 10Y*: 14.35%

BMI

• 1D: 2.52%
• 1M: 3.34%
• YTD: -27.54%
• 6M: -27.62%
• 1Y: -49.57%
• 3Y*: -3.92%
• 5Y*: 7.17%
• 10Y*: 13.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OBT vs. BMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OBT Orange County Bancorp, Inc.	21.01%	5.02%	-6.07%	32.08%	18.34%	51.16%	-4.40%	12.13%	-1.23%	24.58%
BMI Badger Meter, Inc.	-27.54%	-17.15%	38.28%	42.58%	3.23%	14.11%	46.37%	33.46%	4.09%	30.91%

Correlation

The correlation between OBT and BMI is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 5, 2007	0.09

Over the past year, OBT and BMI have become more correlated (0.31) than their long-term average of 0.09, meaning their price movements have been converging.

Fundamentals

Market Cap OBT : $458.77M BMI : $3.69B
EPS OBT : $3.42 BMI : $4.42
PE Ratio OBT : 10.05 BMI : 28.40
PEG Ratio OBT : 0.78 BMI : 1.19
PS Ratio OBT : 2.84 BMI : 4.14
PB Ratio OBT : 1.57 BMI : 3.80
Total Revenue (TTM) OBT : $156.24M BMI : $896.73M
Gross Profit (TTM) OBT : $119.53M BMI : $370.96M
EBITDA (TTM) OBT : $51.66M BMI : $199.34M

Return for Risk

OBT vs. BMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OBT

OBT Risk / Return Rank: 75
OBT Sharpe Ratio Rank: 79
OBT Sortino Ratio Rank: 75
OBT Omega Ratio Rank: 72
OBT Calmar Ratio Rank: 75
OBT Martin Ratio Rank: 73

BMI

BMI Risk / Return Rank: 4
BMI Sharpe Ratio Rank: 2
BMI Sortino Ratio Rank: 5
BMI Omega Ratio Rank: 3
BMI Calmar Ratio Rank: 6
BMI Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OBT vs. BMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Orange County Bancorp, Inc. (OBT) and Badger Meter, Inc. (BMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	OBT	BMI	Difference
Sharpe ratio Return per unit of total volatility	1.40	-1.13	+2.53
Sortino ratio Return per unit of downside risk	1.99	-1.52	+3.51
Omega ratio Gain probability vs. loss probability	1.25	0.76	+0.49
Calmar ratio Return relative to maximum drawdown	2.09	-0.89	+2.97
Martin ratio Return relative to average drawdown	4.62	-1.45	+6.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBT vs. BMI - Sharpe Ratio Comparison

The current OBT Sharpe Ratio is 1.40, which is higher than the BMI Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of OBT and BMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OBT	BMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	-1.13	+2.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.21	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.42	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.44	-0.25

Drawdowns

OBT vs. BMI - Drawdown Comparison

The maximum OBT drawdown since its inception was -57.55%, smaller than the maximum BMI drawdown of -68.22%. Use the drawdown chart below to compare losses from any high point for OBT and BMI.

Drawdown Indicators

	OBT	BMI	Difference
Max Drawdown Largest peak-to-trough decline	-57.55%	-68.22%	+10.67%
Max Drawdown (1Y) Largest decline over 1 year	-17.91%	-55.06%	+37.15%
Max Drawdown (3Y) Largest decline over 3 years	-32.48%	-55.06%	+22.58%
Max Drawdown (5Y) Largest decline over 5 years	-45.77%	-55.06%	+9.29%
Max Drawdown (10Y) Largest decline over 10 years	-57.55%	-55.06%	-2.49%
Current Drawdown Current decline from peak	-5.27%	-50.05%	+44.78%
Average Drawdown Average peak-to-trough decline	-18.79%	-19.00%	+0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.10%	33.58%	-25.48%

Volatility

OBT vs. BMI - Volatility Comparison

The current volatility for Orange County Bancorp, Inc. (OBT) is 6.25%, while Badger Meter, Inc. (BMI) has a volatility of 9.75%. This indicates that OBT experiences smaller price fluctuations and is considered to be less risky than BMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OBT	BMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	9.75%	-3.50%
Volatility (6M) Calculated over the trailing 6-month period	18.60%	38.52%	-19.92%
Volatility (1Y) Calculated over the trailing 1-year period	29.58%	43.90%	-14.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.84%	33.85%	+6.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.53%	33.67%	+25.86%

Dividends

OBT vs. BMI - Dividend Comparison

OBT's dividend yield for the trailing twelve months is around 1.80%, more than BMI's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMI Badger Meter, Inc.	1.27%	0.85%	0.58%	0.64%	0.78%	0.71%	0.74%	0.99%	1.14%	1.03%	1.16%	1.33%
OBT Orange County Bancorp, Inc.	1.80%	2.00%	1.69%	1.53%	1.78%	1.99%	2.94%	2.72%	3.00%	2.93%	3.53%	3.40%

Financials

OBT vs. BMI - Profitability Comparison

The chart below illustrates the profitability comparison between Orange County Bancorp, Inc. and Badger Meter, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

OBT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Orange County Bancorp, Inc. reported a gross profit of 27.90M and revenue of 34.42M. Therefore, the gross margin over that period was 81.1%.

BMI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Badger Meter, Inc. reported a gross profit of 84.33M and revenue of 202.28M. Therefore, the gross margin over that period was 41.7%.

OBT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Orange County Bancorp, Inc. reported an operating income of 10.41M and revenue of 34.42M, resulting in an operating margin of 30.3%.

BMI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Badger Meter, Inc. reported an operating income of 35.17M and revenue of 202.28M, resulting in an operating margin of 17.4%.

OBT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Orange County Bancorp, Inc. reported a net income of 11.28M and revenue of 34.42M, resulting in a net margin of 32.8%.

BMI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Badger Meter, Inc. reported a net income of 27.34M and revenue of 202.28M, resulting in a net margin of 13.5%.

Frequently Asked Questions

Can I hold both OBT and BMI in my portfolio?

OBT and BMI have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBT or BMI?

BMI has higher volatility (9.75%) compared to OBT (6.25%). In terms of maximum drawdown, OBT dropped -57.55% vs BMI's -68.22%.

Which has better risk-adjusted returns?

OBT currently has the higher Sharpe Ratio (1.40 vs -1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.